Committed to Growing Shareholder ValueStock Price Performance, 1999 – May 2004

Acquired Horizon Organic

Completed Kohler

Acquired Dean Foods

Acquired

White Wave

Divested frozen pre-whip

Acquired Southern Foods

Acquired Leche Celta

Completed Melody Farms

Announced Dean Foods

Expanded

Land O’Lakes

agreement

$11.80

$35.20

CAGR = 23%

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